U.S. Steel Exports Show Monthly Increase, Yearly Decline
10/08/2014 - Steel exports from the U.S. bounced back in August following a late spring-early summer dip, according to the American Institute for International Steel (AIIS).
August exports increased 4.1% from their July level to total 1.05 million tons. Exports had fallen 3.3% in July, after being nearly unchanged in June and dipping 4.1% in May. Despite the increase, steel exports were still 8.6% below what they were in August 2013.
Exports to Canada accounted for nearly the entire increase in August, as they expanded 7.5% to 577,071 tons, while sales to Mexico were down 1.6% to 360,778 tons. The Canada total, though, was 1% below the August 2013 level, while the Mexico number was 3.9% higher. Exports to the European Union were up 15.4% to 30,774 tons, almost exactly where they were a year earlier.
For the year, exports are down 6.9% to 8.12 million tons, with a 4.4% drop in sales to Canada and sharp decreases in exports to several Latin American countries driving the decline. Exports to the Dominican Republic, Panama, Peru, Colombia and Ecuador dropped a total of nearly 300,000 tons. Also, exports to the European Union were down 15.5% to 229,674 tons. Partially offsetting the drops, exports to Mexico were up 2.8% to 2.78 million tons and exports to Venezuela nearly doubled to 45,895 tons.
The export numbers demonstrate the power of free trade. While overall exports were down nearly 7% for the first eight months of the year, exports to the U.S.’s two North American Free Trade Agreement (NAFTA) partners — Canada and Mexico — slipped just 1.7%. If not for the absence of many restrictions on trade with our immediate neighbors to the north and south, steel exports could be much smaller than they are.
The American Institute for International Steel is the only steel-related association that supports free trade. The Institute accomplishes its mission through advocacy, networking, communications, and education.
Exports to Canada accounted for nearly the entire increase in August, as they expanded 7.5% to 577,071 tons, while sales to Mexico were down 1.6% to 360,778 tons. The Canada total, though, was 1% below the August 2013 level, while the Mexico number was 3.9% higher. Exports to the European Union were up 15.4% to 30,774 tons, almost exactly where they were a year earlier.
For the year, exports are down 6.9% to 8.12 million tons, with a 4.4% drop in sales to Canada and sharp decreases in exports to several Latin American countries driving the decline. Exports to the Dominican Republic, Panama, Peru, Colombia and Ecuador dropped a total of nearly 300,000 tons. Also, exports to the European Union were down 15.5% to 229,674 tons. Partially offsetting the drops, exports to Mexico were up 2.8% to 2.78 million tons and exports to Venezuela nearly doubled to 45,895 tons.
The export numbers demonstrate the power of free trade. While overall exports were down nearly 7% for the first eight months of the year, exports to the U.S.’s two North American Free Trade Agreement (NAFTA) partners — Canada and Mexico — slipped just 1.7%. If not for the absence of many restrictions on trade with our immediate neighbors to the north and south, steel exports could be much smaller than they are.
The American Institute for International Steel is the only steel-related association that supports free trade. The Institute accomplishes its mission through advocacy, networking, communications, and education.
